Changes From April 2022 | Rules Changing From 1st April 2022 | What is Changing From 1st April 2022?

New Delhi, Mar 28: Changes from 1st April: The Financial Year 2022-23 is about to begin from 1st April, 2022. From next month, there are some major changes taking place which are going to affect your money matter to a large extent.

Changes in the rules ranging from bank rules to tax, including GST, FD are some of the glaring changes that are going to take place from 1st April 2022.

Here are the top changes that are going to have its direct impact on your budget and monetary affairs.

Tax on PF Account

The Central Board of Direct Taxes (CBDT) has decided to implement Income-tax (25th Amendment) Rule 2021 from April 1. It means that a cap of tax-free contribution up to Rs 2.5 lakh is being imposed in the Employee Provident Fund (EPF) account. If the contribution is made above this, then the interest income will be taxed.

Affordable homebuyers not to get additional tax incentive

From April 1, 2022, the central government is going to stop giving the benefit of tax exemption under section 80EEA to first time home buyers. Let us inform that in the budget of 2019-20, the central government had announced an additional ₹ 1.50 lakh income tax benefit on home loans to those buying a house up to Rs 45 lakh. Later this facility was extended in the budget 2020 and 2021, but this time in the budget presented by Finance Minister Nirmala Sitharaman on 1 February 2022, this facility will not be extended from the new financial year 2022-23 starting from April 1. Has been done. Such homebuyers may have to pay more tax from the next financial year 2022-23.

Savings Account for MIS Interest

The rules related to investing in Post Office's Monthly Income Scheme (MIS), Senior Citizen Savings Scheme (SCSS), or Post Office Term Deposit (TD) have also changed. The interest amount in these schemes will not be available in cash from April 1. For this, you have to open a savings account. According to the Department of Posts, many customers have not linked their post office savings account or bank account with their MIS, SCSS, TD and in such cases, interest is not being paid.

Price of gas cylinder may increase

Like every month, there can be a change in the price of gas cylinder on the first day of April also. These days the prices of petrol, diesel and LPG are increasing, in such a situation it is expected that the prices of gas cylinders can be increased once again in April.

GST rules simplified

The CBIC (Central Board of Indirect Taxes and Customs) has reduced the turnover limit for issuance of e-challans (electronic challans) under Goods and Services Tax (GST) to Rs 20 crore from the earlier fixed limit of Rs 50 crore.

If you do not link your PAN to your Aadhaar number by March 31, your PAN will become inactive, and you will be charged a penalty. Section 234H of the Income-tax Act will be used to levy the penalty. Though the government has not yet announced the penalty amount, the maximum fee for integrating PAN with Aadhaar after the stipulated date would not exceed Rs 1,000.